An individual can file income tax return (ITR) on or before the due date of filing if income for a financial year exceeds the basic exemption limit. For the financial year 2020-2021 and 2021-2022, basic exemption limit for an individual who is below 60 years of age is Rs 2, 50,000.
While filing your Income tax return, it may happen that you have made a mistake. For instance, you may have entered a wrong bank account number or forgotten to mention your interest income or have not taken tax deduction into the return.
If you have discovered any mistake in your Income Tax Return after filing it, then such mistakes can be rectified by filing a revised ITR.
Provision of revised return allow you to rectify errors and omissions made at the time of filing original income tax return.
Time Limit to revise income tax return
Revised income tax return can be filed under section 139(5) by an assessee any time before 31st December of the relevant assessment year or before the completion of assessment, whichever is earlier.
For instance, if you found out certain mistakes in your income tax return for the financial year 2021-22 (Assessment Year 2022-23), then such mistake can be rectified by filing a revised return on or before 31st December 2022 or before the completion of assessment, whichever is earlier.
Up to financial year 2019-20 (assessment year 2020-21), you were allowed to revise your income tax return at any time before the end of the relevant assessment year or before the assessment is made, which ever is earlier. From assessment year 2021-22 (financial year 2020-21), law has been changed. Due to such change, the time limit to revise income tax return is “at any time before 31st December of the relevant assessment year or before the assessment is made, whichever is earlier”.
We do not have any restriction on number of revision that assessee can file for a financial year. This means, you can revise your income tax return as many times as you want to rectify mistakes. But, it has to be on or before the dates that we have discussed above.
Earlier, only those assessee who filed their return before due date were allowed to revise their income tax return i.e. belated return were not allowed to revise. But as per the recent amendments, now assessee can also revise belated return.
After this amendment, last date of filing income tax return and revised return is the same i.e. 31st December of the assessment year.
Example:-
Here are the tax dates applicable for financial year 2021-2022, applicable to the previous year starting from 1st April 2021 to 31st March 2022.
Due date of filing ITR:- 31st July 2022 (if extended by CBDT, then that will be considered as due date of filing instead of 31st July 2022)
Last date of filing ITR:- 31st December 2022
If you file your income tax return on or before 31st December 2022, then your return will be eligible to get benefit of section 139(5) i.e. you can revise your return.
This means, the deadline to file your income tax return and to rectify the mistakes in it is the same i.e. 31st December 2022.
How to file a revised income tax return
You can revise your income tax return by filing the same ITR forms that you have originally filed.
In addition to the correction you want to make in the original return, you are required to fill up following additional details related to the earlier return that you want to revise.
Field in the ITR | You need to fill |
Return filled under section | 17 – revised return u/s 139(5) |
Whether original or revised return | R – Revised |
If revised, defective, modified then enter receipt no. | Acknowledgement number of ITRV for filling original return |
Date of filling of original return | Actual date when you have uploaded your IT return |
After revising, your original Income Tax Return stands withdrawn and the revised tax return will become the original return. Refund or tax calculation will be based on the last ITR filed by you. We suggest you to file your revised tax return only to rectify genuine omissions or wrong statements.